The Voluntary Export Quota as a Modern Type of Quantitative Restriction PDF Download
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Author: John Lynch
Publisher:
ISBN:
Category : Cotton textiles
Languages : en
Pages : 319
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Author: John Lynch
Publisher:
ISBN:
Category : Cotton textiles
Languages : en
Pages : 319
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Author: Stefan Lutz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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As a rule, quotas and VERs harm consumers by restricting market supply while raising prices. At the same time, they generally tend to raise prices and profits of both the domestic firms and the foreign, quota-constraint firms. This is the case, since the quota acts as a facilitating device for collusion between the domestic and foreign supplier. For the same reason, no profit shifting from the foreign to the domestic firms takes place here and the burden of the quota is borne by domestic consumers. The gain to foreign producers could, in principle be appropriated by the domestic government if it decided to sell the quota rights instead of offering them for free on a first-come, first-served basis. Still the total net welfare effect for all affected countries would be negative. These results generally hold when product characteristics and quality are fixed. In the long run, when adjustments of product qualities as a response to quotas or VERs take place, cases can arise were some profit shifting would take place and foreign firms could actually be harmed by a quota or VER. While a country applying a quota may gain more, its trading partner loses more and again the net welfare effect would be negative. Given these observations, it is probably to be welcomed that quantitative restrictions have continuously been reduced in world trade during recent decades.
Author:
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Category : Asia
Languages : en
Pages : 494
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Author: Bong-jae Cho
Publisher:
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Category : Automobile industry and trade
Languages : en
Pages : 80
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In modern economies, national governments have a wide range of policies for restricting international trade and protecting domestic industries at their disposal. The most popular form of non-tariff trade policies is probably that of a direct quantitative restriction. This policy takes two principal forms: explicit import quotas and voluntary export restraints (VERs). A VER is a quota imposed by an exporting country upon exports to other countries in response to pressures exercised by the importing countries (i.e., in the form of threats of various types of import restrictions). When these two policies are partially liberalized, subject to a reasonable foreign share in the domestic market, product differentiation between imported goods and domestic goods within an imperfect market can serve to increase welfare levels within the domestic economy. In this situation, the foreign share will not be as high as it would be for the homogeneous assumption. Under a partial VER liberalization policy, if the degree of substitutability between domestic and imported goods is sufficiently small, then domestic welfare will improve as foreign imports are increased. That is, if domestic and imported goods are perfect substitutes, then the most favorable domestic policy will be to close domestic markets to the foreign country since no country can allow foreign market shares as high as 66 percent in the domestic market. In a simulation of U.S. automobile industrial production, when a partial quota liberalization is observed, welfare levels can be increased by reducing the Japanese import market share to a level below 10 percent, that is, to a level which is less than the actual current foreign market share. In real terms, this implies that U.S. auto industry must be further liberalized to acquire additional domestic benefits under a VER policy, whereas the U.S. should restrict foreign market share below 10 percent to maximize domestic welfare levels under a quota policy. This will occur if the net consumer surplus is in excess of producer net excess profits under an imperfect market structure.
Author: United States. Department of State. External Research Division
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 142
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Author:
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ISBN:
Category : Social sciences
Languages : en
Pages : 720
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Author: United States Department of State. External Research Division
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Category : East Asia
Languages : en
Pages : 138
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Apr. issue lists studies in progress; Oct. issue, completed studies.
Author: United States. Department of State. External Research Division
Publisher:
ISBN:
Category :
Languages : en
Pages : 138
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Author: Nigel Grimwade
Publisher: Routledge
ISBN: 1134915225
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
This volume provides an introduction to the basic theory behind international trade policy. The author analyses current policy issues within a theoretical framework. The book adopts a thematic approach, with each chapter examining a different issue - each of which is of central importance to contemporary trade policy. The book will be essential for all those who want to understand what governments do, in terms of trade policy and how they do it.
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Category : Economics
Languages : en
Pages : 808
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Book Description
Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges.
